Cubic Energy, Inc. (NYSE MKT: QBC) ("Cubic" or the "Company") announces today
that the closing of the previously announced purchase of Gastar’s East Texas properties has been extended
to June 28, 2013 with a termination date of July 12, 2013 in order to allow additional time to finalize
financing for the transaction. As compensation for the extension of the closing date, the parties have agreed
to reduce certain identified due diligence negative adjustments to the purchase price by $350,000.